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Wheat Wave Analysis – 17 October, 2019

  • Wheat broke the resistance area
  • Likely to rise to 530.00

Wheat recently broke the resistance area lying between the resistance level 516.40 (former resistance from July) and the 61.8% Fibonacci retracement of the previous downward impulse from June.

The breakout of this resistance area should accelerate the C-wave of the active medium-term ABC correction (2) from August.

Wheat is expected to rise further and retest the next resistance level 530.00 (target for the completion of the active wave C).

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